Insider Economy Confusion over Provident Funds harmonisation bill

Confusion over Provident Funds harmonisation bill

Despite behind-the-scenes talks aiming to amend the harmonisation bill on the regulation of Provident Funds in Cyprus, it looks like the original text with a controversial provision included will be sent to the House plenary for a vote on Friday, January 31.

This is what Phileleftheros reports citing informed sources.

Labour Minister Zeta Emilianidou and Finance Minister Constantinos Petrides had jointly prepared amendments so as to overpass strong reaction by employers against  the provision for a mandatory imposition of Provident Fund for all employees at companies which already provide this benefit.

However, the House Labour Committee on Tuesday decided behind closed doors to go ahead with the original text. Specifically, MPs will be called to take a stand before the plenary on the original text and any parliamentary group objecting to it should table it sown amendments.  Parliamentary parties have ten days to decide on their position.

Opposition parties Akel, Edek and Diko have come in favour of the mandatory provision. Ruling Disy has differentiated itself from the government, however, slamming the provision as coming out of nowhere.

However, this provision is a major issue that needs to be debated and the Labour Minister believes it should be presented again at a later stage after relevant regulations and directives are prepared, Phileleftheros also reports.

Emilianidou has made clear that she is determined to go ahead with the added proposals saying that social partners should acknowledge the government’s commitment to strengthening the institution of provident funds.

She strongly believes these are a backup to much-needed retirement benefits.


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